Trust benefits beyond NFA?

**marZ1** · 03-19-14, 19:03

They are not each others items. They are the trusts items in which you are both trustees.

**jack crab** · 03-19-14, 21:31

Originally Posted by mattg1024

So if I have a trust, and a friend also has a trust, and we are listed as Trustees on each others trusts, could we be in possession of each others items?

It would depend upon how the powers of the trustee are defined. Look for something along the lines of "the Trustee is authorized: (1) To use for their personal enjoyment, in the discretion of the Trustee, any property transferred to the Trust"

**RockMaple** · 05-02-14, 12:21

Hey guys. I'm new to the forum, and I'm an attorney (but please don't hold that against me). A well drafted gun trust is going to have the sort of provision Jack points out. The provisions relating to the powers of and exoneration of the trustees are prime examples of how a well drafted gun trust differs from a typical (i.e., non-firearms related) living trust: in a gun trust, a trustee is authorized to use the trust property for his own enjoyment; in a non-firearms living trust, the trustee could actually be sued by the beneficiaries for using trust property.

Originally Posted by jack crab

It would depend upon how the powers of the trustee are defined. Look for something along the lines of "the Trustee is authorized: (1) To use for their personal enjoyment, in the discretion of the Trustee, any property transferred to the Trust"

**jack crab** · 05-02-14, 23:21

Originally Posted by RockMaple

Hey guys. I'm new to the forum, and I'm an attorney (but please don't hold that against me). A well drafted gun trust is going to have the sort of provision Jack points out. The provisions relating to the powers of and exoneration of the trustees are prime examples of how a well drafted gun trust differs from a typical (i.e., non-firearms related) living trust: in a gun trust, a trustee is authorized to use the trust property for his own enjoyment; in a non-firearms living trust, the trustee could actually be used by the beneficiaries for using trust property.

Not trying to be a nitpicker but in the last line did you mean "sued" rather than "used"? In context here, we are using both words. In a gun trust, the trustee can be allowed to USE trust property, e.g., the NFA items. In a non-gun trust, the trustee might be SUED by beneficiaries if using trust property is a breach of fiduciary duties.

**Don Robison** · 05-02-14, 23:49

Originally Posted by jack crab

Property in trust passes outside of probate. There is no delay in moving the property under trust while non-trust property is administered/held/delayed by the executor/administrator of the estate.

Trust property is also not at risk to be liquidated/used to pay creditors of the estate.

Trust property passes as designated by the trust. Non-trust property will pass by will, or, absent a will, by intestate succession laws.

The qualification to that is jointly titled property may have rights of survivorship or accounts may be "payable on death."

That varies from state to state for example in Florida a trust is liable for all debts of the grantor for 24 months following their death so property in some cases can't be removed from the trust until all debts are settled and debtors have 24 months to file their claim against the estate.

**RockMaple** · 05-03-14, 08:11

Yes, I meant "sued". Good catch, Jack. The concern stems from a breach of fiduciary duties owed to the beneficiaries when a trustee is using trust property for his own enjoyment or benefit. That's one of the issues addressed by a properly drafted gun trust.

Originally Posted by jack crab

Not trying to be a nitpicker but in the last line did you mean "sued" rather than "used"? In context here, we are using both words. In a gun trust, the trustee can be allowed to USE trust property, e.g., the NFA items. In a non-gun trust, the trustee might be SUED by beneficiaries if using trust property is a breach of fiduciary duties.

**mattg1024** · 05-04-14, 06:44

Great info guys. I had a trust drawn up back in March. Was able to efile a Form 1 before the site crashed.

One thing I did not think of before doing this was the possession of NFA items. If I was not home, and my wife has access to the safe, she is technically in possession of those items if not on a trust.

So far I am glad I went the trust route. Had a great guy help me out and answered a ton of questions. He wrote it and saved on a USB drive and CD, so I can change it, add or remove from it whenever I need. As of right now, I am a trustee and grantor, while my wife is also a trustee and beneficiary.